That’s according to new research and platform data from Adevinta, the leading online classifieds group whose European mobility marketplaces include mobile.de, coches.net, leboncoin, Subito and Marktplaats.
In the first six months of 2023, the number of EV listings on Adevinta’s key mobility marketplaces* across five European markets saw a 94% increase year on year, indicating a significant rise in the availability of both new and used models.
According to a new survey of over 5,000 European** consumers commissioned by Adevinta, appetite for more sustainable vehicles is rising. Of those looking for a new vehicle in the next twelve months, 40% stated that they would choose an EV or hybrid car, while 37% are more likely to consider purchasing an EV now than they were 12 months ago. But in the same period, the volume of searches for EVs dropped by 6% when compared with the previous year indicating that demand is failing to keep pace with supply.
Despite evidence of growing interest, for many consumers, EVs continue to be too expensive when compared to their petrol and diesel counterparts. More than half of those surveyed (56%), high price tags are the main barrier preventing them from buying an EV.
Ajay Bhatia, Head of Adevinta’s global mobility portfolio and CEO of mobile.de, commented: “The increase in EV supply is encouraging, but it’s clear that for many consumers in Europe high prices and uncertainty about range, charging infrastructure as well as residual value are preventing them from switching to electric. For most people, buying a car is the second biggest purchase they’ll make in their life, and car manufacturers, dealers, and Adevinta’s marketplaces can support consumers by helping them better understand the finance and ownership models that can make EV adoption more affordable.”
With price a key pressure point, it’s not surprising that more than a third (35%) of European consumers would consider purchasing a second-hand EV for their next car. Adevinta’s platform data*** showed the average price of a used EV in H1 2023 was 28% cheaper than a new EV.
Consumers also cite the inability to travel long distances on a single charge (39%), and the lack of fast charging infrastructure (35%) as key barriers to further EV adoption. For just over 1 in 5 consumers (23%), skepticism around the environmental benefits of EVs stands as a deterrent.
Bhatia added: “Consumers across Europe are looking to make more sustainable choices, and second-hand EVs have an important role to play in the transition to greener forms of mobility. But there remains a job to do to alleviate concerns around perceived barriers that are preventing the switch to electric vehicles. Addressing these challenges hinges upon educating consumers, and providing accurate and accessible information specific to EVs to help them make sustainable choices that fit their budget and lifestyle.”